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Senate Bill 0275


Senate Bill 0275

ARCHIVE (2008)

Latest Information

 

DIGEST OF INTRODUCED BILL


Mortgage lending issues. Provides that for an adjustable rate home loan that is closed after June 30, 2008, the creditor may not charge the borrower prepayment fees or penalties that are due and payable after the earlier of: (1) one year after the date of the closing of the loan; or (2) 60 days before the first scheduled adjustment of the loan's rate. Provides that a person may not do either of the following unless the person is licensed in Indiana as a real estate broker or salesperson: (1) Conduct an open house in a home that is listed for sale in Indiana. (2) Conduct an open house or show a model home in a neighborhood or subdivision in which similar homes are or will be listed for sale in Indiana. For a mortgage foreclosure proceeding initiated after June 30, 2008, requires: (1) the clerk of the court to certify to the sheriff a copy of the judgment or decree not later than five business days after the praecipe is filed; and (2) the sheriff to conduct a sale of the property not later than 90 days after receipt of the judgment or decree.
    Current Status:
     In Committee - first House
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